I've just got engaged – do I need to buy insurance to cover my ring, or will it be covered under existing home policy?

I recently got engaged and am unsure what to do about insurance for my new ring.

I need to have it resized so should I buy insurance now or do I need to wait until the alterations have been made?

I'm also confused over the policies on offer, do I need to buy a specialist insurance policy to cover the ring or is it already covered on my existing home insurance policy in case it gets lost or stolen? Via email

I've just got engaged, do I need to buy separate insurance to make sure my ring is covered?

Rebecca Rutt, of This is Money, replies: When you get engaged, one of the first things to consider is insurance for the new ring.

It's not an especially romantic topic and certainly not as fun as celebrating the good news but with engagement rings costing an average of £1,742, according to wedding planning website Hitched, it's worth making sure you've got cover should the worst happen.

That way if it gets lost, stolen or damaged you should be able to have the ring replaced without too much stress.

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HOW THIS IS MONEY CAN HELP

When it comes to insurance for your ring, the type of policy you need depends on how much it costs.

Most home insurance policies will automatically cover expensive items – including jewellery – up to the value of between £1,000 and £2,000 per item.

This comes under the contents policy and you will usually only need to inform your insurer if the ring costs more than the limit listed.

The amount will vary depending on the insurer so check the small print or ring your insurer to find out how much it is.

However, this cover won't extend if you take the ring out of the house. To increase the cover you'll need to add 'personal possessions' to your policy, which can be done for a one-off fee of around £30 per year.

This will generally cover the items for accidental loss, damage or theft in the UK and some policies also cover you while you're out of the country.

If you do need to claim on your policy for any reason, to make sure you get back the correct amount and to reduce the paperwork involved it is a good idea to keep hold of the receipt for the ring.

Some insurers also recommend you take a photo of it and keep this safe, especially if the ring is an antique or a one-off.

This is because with a photo it will be easier for the ring to be repaired, replaced or replicated if needed.

Ring cover: Will my existing home insurance policy include my new engagement ring?

It's also advised to have your ring valued every three years and to update your insurer with the change and to keep the dated valuation safe.

This is because the price of gold may change over time and if it's increased significantly, for example, but you haven't had it valued, you will be given the sum for the last valuation, which could be less than it's actually worth.

When it comes to ring alterations, you've said you need to get the ring altered as it's currently too big.

We asked several insurers and they told us this shouldn't affect the insurance cover, but if the alteration pushes the price up beyond a single item limit you need to make sure you've told your insurer.

If your ring is worth more than the limit on your insurance policy, you will need to call your insurer and tell it.

It will usually have an upper limit (of around £10,000) for all higher-value items.

There is a chance this could change the price of your premiums.

This is because your premium is based on risk and if you have several high-value items stored within your home your risk level could change.

However, if this does happen you're free to switch to a different insurer if you aren't happy with the higher price.

You could also buy specialist engagement ring insurance if your ring is worth more than the limit listed on your contents policy.

There are several specialist insurers providing ring insurance and prices start from around £10 per month for a £5,000 platinum ring with a diamond.

Martin Bridges, technical services manager for the British Insurance Brokers' Association, adds: 'Insurance cover may only be for accidental loss or damage so denting, chipping or scratching may not be covered.

'For high value rings, an insurer may require it to be inspected by a competent jeweller to check for loose mountings etc.

'The cover may extend to overseas trips, but be aware that this may be restricted to, for example, 30 days in any one year.

'All insurance policies will contain a reasonable precautions condition, so ensure, for example, a safe in a hotel room is used. If the item is of high value an insurer may require safe or minimum standards of security in home.

'In the event of a claim for theft or accidental loss it is important to report to police as soon as possible and obtain a police crime reference number to support the loss.'